Abu Dhabi National Oil Company (ADNOC) announced on 3 February that it was raising the retroactive prices of the four crudes it exports under term contracts by 3.75-3,85/b for January liftings, marking the first increase since last July. The price of its reference crude, Murban, has been raised by 3.75/b to 45.85/b from 42.10/b in December, which compares with a high of 137.35/b in July. The prices of its other three crudes have been increased by 3.85/b, taking Lower Zakum up to 45.75/b, Umm Shaif to 44.95/b and Upper Zakum to 42.60/b.
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